Judge Consolidates Citigroup Subprime Cases

Law360, New York (September 1, 2009, 12:45 PM EDT) -- A judge has folded two proposed class actions into a recently created multidistrict litigation alleging Citigroup Inc. made misleading and inaccurate statements about its exposure to subprime mortgages.

In an Aug. 31 order Judge Sidney H. Stein of the U.S. District Court for the Southern District of New York consolidated the two cases — Pellegrini v. Citigroup Inc. and Asher v. Citigroup Inc. — with the proceeding the Judicial Panel on Multidistrict Litigation created in August.

The judge said the actions involve common questions of law...
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